Many Canadians are electing not to travel to the U.S. this year as an act of solidarity; choosing not to give their hard-earned money to a country whose President is actively hostile towards us and our current trade agreement. Besides, elaborate vacations can be expensive, this year you and the family might decide to save the money and stay close to home to discover local attractions.
Along with being more affordable, staycations are easier to plan and can be less stressful. You can visit local festivals and then check out the new trendy restaurant everyone is talking about.
Here are some helpful tips to make your staycation a success:
- Create a vacation budget like any other holiday; this will help you control your spending
- Pick specific dates and book the time off, it is not a holiday if you are still checking your email
- Pretend you’re a tourist; do some research and find out what activities are going on in your area
- Spend at least one day relaxing in a nearby park or beside the lake
- If you enjoy learning, schedule that class you have been meaning to take, learn a new skill whether it be dancing, cooking or singing
- Even though you will home at night, don’t announce your vacation plans on Facebook, daytime robberies are on the rise
- Make sure to take lots of pictures! It is still your holiday
Taking a holiday is something we should all do because it helps us relax and get away from the day-to-day grind. One key element to a successful vacation is not to create additional debt; you can achieve this by planning ahead.
Steps to Saving for a Vacation
Open a separate vacation account – figure out how much you want to spend on your vacation, divide that number by 12 and transfer that amount into your vacation fund every month. It allows you to watch your money grow and eliminates the desire to spend the money on other things.
Stick to your budget – There is nothing worse than coming home from a great holiday to a huge credit card bill, know in advance how much you are going to spend – and stick to it.
Tax Refunds and Work Bonuses – put half of these amounts towards your financial goals, but put the other half towards something fun – like your vacation account.
Spending Diet – One week per month try and spend as little as possible on the things you don’t need, add up those savings and put them towards your next vacation.
Go ahead, take a week off, you deserve it. Besides, it’s finally summer.
Have a great weekend,
Tracey
Sources:
https://stories.td.com/ca/en/article/saving-money-for-vacation
Photo by Alex Guillaume on Unsplash
Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp. 4665 Yonge Street, Suite 309, Toronto, ON M2N 0B4 t 416.964.0440